IRDA Notifications

Four changes applicable from 1st August, 2020

Corporate Law - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...

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ULIP Investments – New Rules

Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....

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ULIPS: New Regulatory & Tax Regime

Corporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...

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IRDAI cautions against sell of health plans by unauthorized entities

Corporate Law - It has come to the notice of the Authority that some unauthorized entities are professing to be selling health plans by offering discounts on medical treatments or diagnostic tests.  It is hereby clarified that only the IRDAI registered insurance companies, or their authorized agents and intermediaries registered by IRDAI can sell insur...

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Domestic Systemically Important Insurers (D-SIIs)

Corporate Law - Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of i...

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Discount in premium in Corona Kavach Policy to Healthcare Workers

Corporate Law - Insurance companies will provide a 5% discount in premium of Corona Kavach to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI....

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Cashless facility for treatment of Covid-19

Corporate Law - The Authority is aware of reports that some hospitals are not granting cashless facility for treatment of Covid-19 despite such arrangements with the insurers. It is also brought to the notice of the Authority that some of these hospitals are also demanding cash deposits from the policyholders....

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IRDAI (Appointed Actuary) Regulations, 2017 (Updated )

Corporate Law - Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 20171 (Amended up to 14.05.2020) F. No. IRDAI/Reg/6/143/2017.—In exercise of the powers conferred by clause (zd) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and D...

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

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Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

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IRDAI Working Group to Study Cyber Liability Insurance

Ref. No:IRAID/NL/ORD/MISC/260/10/2020 - (19/10/2020) - Amid the COVID 19 pandemic, there are rising incidences of cyberattacks and a growing number of high-profile data breaches. It is felt that cybersecurity is the most important need for all sectors today to address the numerous risks posed by cyber-attacks....

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Exposure Draft on IRDAI (Insurance Advertisements and Disclosure) Regulations, 2020

Notification No. F. No. IRDAI/Reg/xx/2020 - (20/10/2020) - Insurance Regulatory and Development Authority of India Ref. No: 2020 Dated: 20.10.2020 Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020 Background Reference is drawn to IRDA (Insurance Advertisements and Disclosu...

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Guidelines on Insurance Claims of victims of Floods (Oct 2020)

Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 - (21/10/2020) - Insurance Regulatory and Development Authority of India Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 Date: 21-10-2020 All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies Re: Guidelines on Insurance Claims of victims of Floods (Oct 2020) in the calamity affected di...

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Report on suitability of offering of Surety Bond by Indian Insurance Industry

Ref. No:IRDAI/NL/WG/SB/375/2020-21 - (19/10/2020) - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG...

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Guidelines on Standard Individual Term Life Insurance Product, ‘Saral Jeevan Bima’

Notification No. IRDAI/Life/Cir/Misc/254/10/2020 - (15/10/2020) - Saral Jeevan Bima is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term....

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Recent Posts in "IRDA Notifications"

IRDAI Working Group to Study Cyber Liability Insurance

Ref. No:IRAID/NL/ORD/MISC/260/10/2020 (19/10/2020)

Amid the COVID 19 pandemic, there are rising incidences of cyberattacks and a growing number of high-profile data breaches. It is felt that cybersecurity is the most important need for all sectors today to address the numerous risks posed by cyber-attacks....

Read More

Exposure Draft on IRDAI (Insurance Advertisements and Disclosure) Regulations, 2020

Notification No. F. No. IRDAI/Reg/xx/2020 (20/10/2020)

Insurance Regulatory and Development Authority of India Ref. No: 2020 Dated: 20.10.2020 Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020 Background Reference is drawn to IRDA (Insurance Advertisements and Disclosure) Regulations, 2000 which were notifie...

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Guidelines on Insurance Claims of victims of Floods (Oct 2020)

Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 (21/10/2020)

Insurance Regulatory and Development Authority of India Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 Date: 21-10-2020 All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies Re: Guidelines on Insurance Claims of victims of Floods (Oct 2020) in the calamity affected districts of Telangana, Andhra Pradesh and...

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Report on suitability of offering of Surety Bond by Indian Insurance Industry

Ref. No:IRDAI/NL/WG/SB/375/2020-21 (19/10/2020)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG-SB/95/2020-21 dated 24.07.2020 to study...

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Guidelines on Standard Individual Term Life Insurance Product, ‘Saral Jeevan Bima’

Notification No. IRDAI/Life/Cir/Misc/254/10/2020 (15/10/2020)

Saral Jeevan Bima is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term....

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Norms on Renewability, Portability & Migration of Standard COVID Health Policy

Ref: IRDAI/HLT/REG/CIR/253/10/2020 (13/10/2020)

‘Corona Kavach’ and ‘Corona Rakshak’ policies of any tenure may be renewed for further terms of three and half months (3 ½ months), six and half months (6 ½ months) or nine and half months (9 ½ months) as per the option exercised by the policyholder. The renewal shall be subject to the underwriting policy of the insurer....

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IRDAI cautions against sell of health plans by unauthorized entities

It has come to the notice of the Authority that some unauthorized entities are professing to be selling health plans by offering discounts on medical treatments or diagnostic tests.  It is hereby clarified that only the IRDAI registered insurance companies, or their authorized agents and intermediaries registered by IRDAI can sell insur...

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Posted Under: Corporate Law |

Domestic Systemically Important Insurers (D-SIIs)

NA (24/09/2020)

Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of i...

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Posted Under: Corporate Law |

Implementing RFQ platform for Investments in Corporate Bonds / Commercial Papers

Ref. No: IRDAI/F&I/CIR/INV/246/09/2020 (25/09/2020)

With a view to enhance and coalescing the fragmented liquidity in Corporate Bonds, SEBI has implemented Request for Quote (RFQ) Platform through Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The RFQ platform seeks to replicate the OTC market albeit on an electronic platform in a move to bring more transparency, centraliza...

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IRDAI permits insurers to use Video Based Identification Process

Ref. No:IRDAI/SDD/CIR/MISC/ 245 /09/2020 (21/09/2020)

Video Based Identification Process (VBIP)is an alternative (optional)electronic process of Identification / KYC in paperless form, carriedoutby the insurer/authorised person (person authorised by the insurer and specifically trained for face-to-face VBIP) by undertaking seamless, secure, real-time, consent based audio-visual interaction w...

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